Singapore insurtech startup Axinan has closed a Series A financing round led by NSI Ventures. The round was joined by existing investor Linear Ventures and other backers, according to an announcement.
Financial terms of the Series A financing round were not disclosed.
Axinan said it will use the proceeds to fund its regional expansion, build new partnerships, invest in research & development to develop more digital products and accelerate hiring, specifically for management positions. Previous funding includes a seed round estimated at $1 million. It is also a graduate of PayPal Singapore’s incubator.
Since graduating the incubator last year, Axinan has partnered with several e-commerce companies, including Indonesian marketplace Tokopedia. Founded in 2016 by Wei Zhu, a former Grab CTO, the firm describes itself as a “full-stack insurance provider” and is looking to develop tailored insurance products for online consumers covering sectors such as e-commerce and online travel.
In its statement, Axinan said: “We believe the best opportunity is to create new products for new distribution channels rather than competing directly with traditional insurance companies. We are building new technology for both the front end as well as backend of insurance pipeline to move fast and efficiently scale.”
Additionally, Axinan provides free return shipping for e-commerce players, using its real-time risk engine to determine the degree the certainty of e-commerce returns, based on information such as user demographics and online shopping behaviour.
Commenting on the investment, Hian Goh, Partner at NSI Ventures, said, “Axinan’s unique data-centric approach to microinsurance is well-placed as digital consumption proliferates alongside increasing connectivity in Southeast Asia. We are very excited to work with Wei and his team to scale and expand across the region.”